Key considerations for a successful cloud strategy for financial services

Compared to other sectors, the financial industry has been slow to move to the cloud – and with good reason. Regulatory compliance and data privacy issues alone make banks hesitant to give up legacy on-premises applications and the security and control that comes with keeping data on the ground.

Cloud computing offers organisations the opportunity to sharpen their competitive advantage by providing more cost effective, efficient and scalable ways to manage IT infrastructure. Or so the story goes…

Unfortunately, it’s not always simple. Without strong leadership and focused planning across an organisation, cloud transformation can quickly stall or peter out altogether. Delivering on the cost effective and efficiency measures whilst simultaneously ensuring highly secure, reliable services requires a thoughtful strategy.

It’s important, therefore, to select an approach to cloud transformation and cloud migrations that is in line with your overall business strategy. Chiefly, the goal of cloud migration should be to ensure that the technology supports the corporate strategy and takes advantage of cloud technology whilst freeing the organisation of the constraints associated with traditional on premises. Consider:

Source: https://cloud.google.com/blog/topics/perspectives/enterprise-it-can-move-up-or-out-or-both

For many organisations, the goal is to move from on-premises infrastructure to more flexible cloud-native status within the public cloud. This approach, however, may not be most appropriate for financial services organisations. Likewise, private and hybrid cloud can play a central role in cloud transformation for many organisations, as can a single tenant off-premises environment.

Given that the path to cloud transformation is not one-size-fits-all, can financial institutions ensure the best outcome?

In this upcoming series of blogs, we’ll lay out key considerations for financial institutions that desire to strengthen their cloud strategy. We’ll consider:

• How does cloud strategy affect business outcomes? Is it important that cloud initiatives are business led?
• What is the right mix of cloud(s) for financial services and what type of cloud migration fits best?
• How do we ensure that the non-functional (Performance, Security, Resilience) needs of the business are met?
• What are the challenges of cloud migration and how do we ensure we get the best cost / benefit outcome for each application? What lessons can be learned?

In an ideal world, these questions would be answered before undertaking any cloud migration. Yet no matter where your organisation is in the transformation process, it’s worth considering these points and reviewing them against any ongoing implementations or initiatives in order to ensure sure that your cloud strategy delivers the greatest ROI and helps your organisation realise the full range of benefits that come with successful cloud transformation.

Wherever you are in your migration journey, Icon Solutions can support your business to modernise the payments environment and drive revenue. Speak to our expert team about your specific requirements today.